Claude Code vs. Cursor
Jan-Erik Asplund
TL;DR: Claude 3.7 Sonnet, Anthropic’s newest model, has become the backbone of the emergent “vibe coding” ecosystem. With an upsurge in API consumption via customers like Cursor, Bolt.new, and Vercel’s v0, Sacra estimates that Anthropic hit $1.4B ARR in March 2025. For more, check out our full report and dataset on Anthropic.
We first covered Anthropic at $316M ARR in March 2024, growing 1,341% YoY, when it was first emerging as an OpenAI challenger, and we followed up at $800M ARR in September 2024, growing 700%, as its API business was advancing on OpenAI’s.
Here’s our Anthropic update with key points via Sacra AI:
- Sacra estimates that Anthropic reached $1.4B in annual recurring revenue (ARR) as of March 2025, with growth accelerating from 8% month-over-month at the end of 2024 to 10% in early 2025, valued at $61.5B as of their $3.5B Series E in March 2025 (Lightspeed) for a 44x forward revenue multiple.
- 80% of Anthropic’s revenue comes from its API (~$1.1B), with Claude 3.5 Sonnet serving as the underlying model for AI app builders like Lovable ($17M ARR in 3 months) and Bolt.new ($40M ARR in 5 months) and the default option in AI-powered IDEs like Cursor ($100M ARR in 12 months) and Windsurf ($40M ARR, growing 1,500% YoY), while 20% (~$300M) comes from subscriptions to its Claude chatbot—vs. OpenAI where 73% of revenue comes from ChatGPT and 27% comes from the API.
- With the February launch of Claude Code—a terminal-based coding agent that autonomously edits, tests, and debugs code that wraps Claude 3.7 Sonnet—Anthropic is going up the stack on one of its core use cases to compete directly against agentic tools like Devin ($316M raised, Founders Fund) and both complement & compete against AI co-pilots in the IDE with agentic capabilities like Cursor and Windsurf at the application layer.
For more, check out this other research from our platform:
- Anthropic (dataset)
- OpenAI (dataset)
- Vibe coding index
- Cursor (dataset)
- Cursor at $100M ARR
- Lovable vs Bolt.new vs Cursor
- Lovable (dataset)
- Bolt.new (dataset)
- Scale (dataset)
- Edo Liberty, founder and CEO of Pinecone, on the companies indexed on OpenAI
- Will Bryk, CEO of Exa, on building search for AI agents
- AI talking heads growing 1024%
- Kyle Corbitt, CEO of OpenPipe, on the future of fine-tuning LLMs
- How AI is transforming productivity apps
- AI and the future of video
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